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maria: jumpstarting america, jonathan gruber, back in a minute. the matters.ar.... that. an electronic locking rear differential for... yeah... this. heading to the supermarket? get any truck. heading out here? get the ford ranger. the only adventure gear built ford tough. maria: welcome back, streaming wars, disney looks to unseat netflix with new disney plus streaming service and the stock is set to open at record high this morning, big rally underway, stuart varney. >> maria, was that jonathan gruber, i just saw, didn't he called all the fools dupes or something. maria: we had a fight the last time he was on and held his feet to the fire about the american people and i didn't think the viewers needed to replay fight but i was focused on the book but i was struck that taxes do not impact growth, come on. stuart: i heard it, i heard it. i heard that one. you could have probably heard me and you're a couple of floors away me but you could hear me ranting. maria: thank you. stuart: bob iger is emerging as probably the best ceo in america today. his plan for the stre

a 180 i don't know whatfe happens with economics one oh one and those left wing economist are jonathan gruber and paul krugman. jonathan wrote recently with the damage done by minimum wage and wrote disparagingly about the family paid medical leave krugman wrote about that and said it puts people with unskilled labor out of the market. how do you do 180 on a mission one - - an issue like minimum wage? and one of the co-authors just died. apparently byui suicide but if they did not raise the minimum wage would do better even though one state raise the minimum wage it jumpstarted economic activity but that is mt the opposite of what most economists felt and obama and clinton still quote the study but when they replicated the results they could not doe it ecause they literally asked employers you hiring or not they followed up with payroll records but the state that increase suffered relative to the state that did not. the correct minimum wage is zero. and to say because of the minimum wage about 500,000 black people lost jobs they would have had. the person most likely to be employed in america

jonathan gruber is a professor of commission at m. tichlt t. a texts of the affordable care act. simon johnson, also from m.i.t. they also join me now. simon, you argue that research in science funded by the government, not private companies is what's going to save us. how is that going to save the factory worker in alabama who lost their job. >> there's a difference between -- government puts in $3 billion. out of that comes hundreds of thousands of private sector jobs, high wage in that industry. that industry pays more than $6 billion a year in tax. that's an amazing rate of return. government investment, then private sector investment creates really good jobs for everyone at all skill levels. >> amazing we're seeing more and more people in the private sector, billionaires, ceos, those who reap the benefits of the corporate tax cut are concerned that income inequality is going to ek bra us, saying the american dream is facing away. >> what's really interesting about the inequality of america, it's not just rich versus poor. it's place-based.

centralization that the more that people, the more the government is taking over roles, you remember jonathan gruber, he has done multiple studies on the government crowding out, he had these studies and found that they got more money, work corporation under appropriations during the deal. they saw a much bigger drop off and how the church is spent money on welfare. and so, one of the things that you talk about, the diner, one thing that draws people to church, that's when they get too unsure of other people. i came into the church as an adult in your reading the bible and you have to feed the hungry. i'm thinking how am i going to do this. what you show up at church and they say on tuesday we are going to the soup kitchen. as a churches loses roles they lose some of their drawing membership. so an institution disappears, that disappears and then you need more government. and there is a study that showed the inverse correlation of regulation and social prospect. the argument is that it goes both ways there's to equilibrium, there is lots of regulation and low trust. her low regulation and loa lotsf

tom: we have to go to "jumpstarting america," jonathan gruber has had the courage to say -- what areis? gruber and johnson together on a massive book with all kinds of a claim on using innovation. "science." word, simon: science has been out for 1940's, but in the 1950's, and 1960's it built middle-class america. we need to scale it up and spread the influence throughout the economy in a geographic sense and income sense. contrast whatnd america is doing right now and what europe is doing. trade talks have started between these nations and i am curious as to how they stack up. europe frankly needs some additional impetus. i am skeptical of some of the views that they are close to full capacity. they had a really hard time in recovery. in the u.s., we have had a robust recovery over the last five or six years and the question is, what do we do to boost medium-term growth? i hope that europe can also get to the point where they are in a position to consider this kind of investment. guy: i just want to stay with that for moment. europe never fixed its banks. america did. did that jumpst

the issue i don't know what happened since and two of the most celebrated left-wing economists jonathan gruber and paul krugman jonathan wrote recently about the damage done of minimum wage and living wages and also disparaging about the fate - - family paid medical leave and said it will price people with unskilled labor out of the market the same thing that milton friedman said. paul krugman has done a 180 had you do a 180 on minimum wage is beyond me but they have as has done the new york times the famous study doing dealing with the minimum wage one of the co-authors just died apparently by suicide the study showed new york new jersey one raise the minimum wage that gives an ideal chance to determine the state that didn't raise the minimum wage would do better surprise it concluded even though one state raise the minimum wage it jumpstarted economic activity in the state that the opposite of what most felt and now they still quote this study but if they tried to replicate it theyy couldn't because they literally asked were you hiring employers but ifpl you follow up with the payroll record